Middle East

The Olympic flame arrived at Milan's gothic giant cathedral on Thursday, amid cheers and protests on the eve before the opening ceremony of the Milano Cortina Winter Games. Nicoletta Mani, a 'leading 'ballet dancer from the nearby La Scala Theatre, carried the torch to a platform under the cathedral, where it was lit a brazier. The majority of people who packed the Piazza del Duomo, or Cathedral Square in the light rain cheered and took photos on their smartphones as the torch passed. The torch was brought to the square through the Galleria Vittorio Emanuele. In solidarity with Gazans, a...

The Iranian Foreign Ministry spokesperson confirmed that Abbas Araqchi, Iran's Foreign minister, has left?for Muscat in the Omani capital at the head of a diplomatic delegation for nuclear talks to be held with the U.S. on Friday. Officials from both sides confirmed that the U.S. has agreed to hold talks with Iran in Oman this Friday. However, they are still at odds over Washington's demand that Tehran's arsenal of missiles be included in negotiations and Iran's refusal to talk about anything but its nuclear program. Esmail Baghaei, the Iranian spokesperson, said on Thursday that Iran will engage in talks with...

A survey released on Wednesday showed that the non-oil sector of the United Arab Emirates experienced its fastest growth in business in nearly two years, in January. This was due to a'sharp increase in new orders. The S&P Global UAE Purchasing Managers' Index, which is adjusted for season, rose from 54.2 to 54.9 in the month of January. This was the highest reading in 11 months. A reading of more than 50 indicates an increase in activity. Below 50, it is a contraction. The sharp acceleration of new orders in January, from 57.2 in December to 60.0 in January, was...

Three sources familiar with the process have confirmed that U.S. Private Equity firm Carlyle is in exploratory "talks" with UAE investors, to find partners if its initial agreement to purchase Russian firm Lukoil’s international assets proceeds. Carlyle and Lukoil announced on Thursday a preliminary agreement that would transfer assets, including oilfields and refineries located in eastern Europe and Iraq to the U.S. company. A separate source told us on Thursday that neither company had disclosed an estimate for the deal. This excludes Lukoil’s Kazakh assets. Three sources said that state-controlled Abu Dhabi investor Mubadala and XRG had talked to Carlyle...

According to government estimates, Saudi Arabia's fourth-quarter economy grew by 4.9% on an annual basis, thanks in part to strong growth in nonoil activities, and increased oil production. The oil sector grew 10.4% in the last quarter of 2008 as production increased in the second half of the year. Non-oil activity grew by around 4% compared to the previous year. The preliminary estimates of the Statistics Agency show that the real GDP will grow by 4.5% for the full year 2025. Oil activities are expected to increase by 5.6% and non-oil activities by 4.9%. Saudi Arabia, which is the top...

Four people who are familiar with these reports in recent days have expressed doubts that interim Venezuelan president Delcy Rod will cooperate with Trump's administration by cutting off ties to U.S. enemies. Officials of the United States have publicly stated that they want Venezuela's interim president to cut ties with allies such as Iran, China, and Russia. They also want their diplomats and advisors expelled from Venezuela. Rodriguez, who was sworn in by the representatives of these countries at the beginning of this month, has not yet publicly announced such a decision. She was elected president on January 3 after...

The price of oil fell on Tuesday, despite a major winter storm that hit the crude production in the U.S. Gulf Coast and affected refineries. Brent crude futures fell 28 cents or 0.4% to $65.31 per barrel at 0145 GMT. U.S. West Texas Intermediate Crude was $60.39 per barrel, down by 24 cents or 0.4%. Analysts and traders estimate that oil producers in the U.S. lost up to two million barrels of oil per day, or about 15% of the nation's production, over the weekend. This was due to a winter storm which swept through the country and put strain...

Prices of oil were not much different on Monday, after rising more than 2% the previous session. Supply concerns held back benchmarks despite disruptions to production in major U.S. oil-producing regions. Brent crude futures dropped 7 cents or 0.1% to $65.81 per barrel at 0221 GMT. U.S. West Texas Intermediate Crude was $61.01 per barrel, down by 6 cents or 0.1%. Both benchmarks closed Friday at their highest levels since January 14, with weekly gains of 2.7%. In the next few days, a U.S. aircraft carrier strike force and other assets will arrive in the Middle East. "Oil prices have...

A statement said that the Olympic Council of Asia and the Saudi Arabian Olympic Committee had agreed to postpone 2029 Asian Winter Games. The games were to be held in a spectacular mountain resort as part of the NEOM mega project. In the joint statement, neither organisation provided a new schedule or a reason as to why the delay occurred. The postponement is a blow to the Kingdom, which had committed to hosting several major events in the coming decade. The 2034 FIFA World Cup, the 2030-2031 Riyadh Expo and the winter games had set clear deadlines to advance vast...

The United States imposed sanctions Friday on 'nine vessels from what is called 'the shadow fleet' and eight firms related to them, according to the United States. The Treasury Department issued a statement as Washington sought to increase pressure on Iran for the recent killings of protesters. Treasury stated that the vessels, their owners, or management companies, including?entities located in India, Oman, and the United Arab Emirates have collectively "transported hundreds millions of dollars worth of Iranian petroleum and oil products to foreign markets." The sanctions imposed today are aimed at a key component in how Iran raises funds to...

The stock markets of the United Arab Emirates ended lower on Friday. Dubai was impacted by weakness in financial and utility shares, after U.S. President Donald Trump renewed his threats against Iran. Donald Trump stated on Thursday that he hoped not to have to use the "armada", warning Tehran to stop killing protesters and restarting its nuclear program. Dubai's main stock market fell 0.2% in the session after reaching a near 20-year high. Dubai Islamic Bank, a lender affiliated with the?Islamic bank Dubai Islamic Authority, slid 0.2%. Tecom Group, a business park operator, gained 0.6% when it acquired 125 million...

Saudi Arabia's National Infrastructure Fund and Humain - the artificial intelligence company of the Kingdom - announced on Wednesday that they had reached a financing deal of up to $1.2 billion. The agreement is intended to'support the expansion' of AI and digital technology in the country. According to a press release, the agreement sets out non-binding terms of financing for the development up to 250 Megawatts of AI data centre capacity to support Humain’s customers. It was announced in Davos, Switzerland. As part of an 'overall effort' to diversify economic activity and income sources away from hydrocarbons, the world's largest...

S-Oil, a South Korean oil company, announced on Monday that it had recorded a 91% increase in its fourth-quarter operating profits. It expects the first-quarter refinery margins to be robust due to the steady demand and disruptions of supply as well as a planned U.S. refining plant closure. According to market expectations, the refinery, which is owned 63% by Saudi Aramco reported an operating profit for the quarter of 424 billion won ($293 millions). The operating profit of its refining division increased by 55%, to 225.3 billion won. It said that the refining margin of gasoline from Dubai crude had...

Prices of oil?recovered?on Friday, after U.S. president Donald Trump renewed his threats against Iran. This sparked fears that military action could disrupt crude supply while outages are occurring in Kazakhstan. Brent crude futures rose by 76 cents or 1.2% to $64.82 per barrel at 1026 GMT. U.S. West Texas Intermediate Crude?was up $75 cents or 1.3% at $60.11. Both benchmarks were set at weekly gains of around 1.1%. Prices rose earlier in the week due to U.S. president Donald?Trump’s actions on Greenland, but fell by about 2% on Thursday after he backtracked on tariff threats and ruled out a military...

The price of oil?increased on Tuesday due to a weaker US dollar. Meanwhile, the markets were watching President Donald Trump threaten higher U.S. Tariffs against European nations because he wants to buy Greenland. Brent futures were up 15 cents or 0.2% to $64.09 per barrel at 0430 GMT. The U.S. West Texas Intermediate contract for February that expires Tuesday was up by 14 cents or 0.2% to $59.58. WTI March gained?6 Cents or 0.1% to $59.40. WTI contracts were not settled on Monday because of the U.S. Martin Luther King Jr. Martin Luther King Jr. Day was observed in the...

Oil prices rose on Tuesday after China's better-than expected economic growth data lifted demand optimism. Markets also watched President Donald Trump’s threats to increase U.S. Tariffs on European Nations over?his desire to buy Greenland. Brent futures were up 19 cents or 0.3% to $64.13 a barrel at 0100 GMT. The U.S. West Texas Intermediate Crude Contract for February, which expires Tuesday, is up 25 cents or 0.4% from Friday's closing price of $59.69. The WTI March contract, which is the most actively traded, gained 0.08 cents or 0.13% to $59.42. Due to the U.S. Martin Luther King Jr. Day Holiday,...

The oil prices were unchanged on Friday, with Brent and U.S. West Texas Intermediate only moving a few cents compared to their closing prices. Brent fell 3 cents or 0.05% to $63.73 a barrel while U.S. West Texas Intermediate rose 4 cents or 0.07% to $59.22 a barrel at 0223 GMT. Brent and WTI both reached multi-month highs after protests in Iran and the U.S. flared up this week. President Donald Trump also signaled the possibility of strikes against the nation. On?Thursday night, Trump stated that the crackdown by Tehran on protesters had slowed, easing fears of a possible military...

Donald Trump, the U.S. president, said on Monday that any country doing business with Iran will be subject to a 25% tariff when it comes to trade with the U.S. According to the latest data from the World Bank, Iran, a?member? of the OPEC oil producing group, exported its products to 147 trading partner in 2022. Fuel is Iran's largest export item in terms of value. Major imports include intermediate products, vegetables, machinery, and equipment. China is Iran's biggest trading partner. According to the World Bank, Iranian exports to China in 2022 will total $22 billion, with fuels making up...

On 'Friday, oil prices rose for the second consecutive day, resulting in their third weekly increase, due to uncertainty over future supply from Venezuela and Iranian unrest. Brent futures gained 40 cents or 0.7% to $62.39 a barrel at 0400 GMT. U.S. West Texas Intermediate crude (WTI), however, rose 35 cents or 0.6% to $58.11. Brent will rise 2.7% this week while WTI is up 1.4%. "Bottlenecks of the flow of sanctioned barley and steady demand signals seem to counter the backdrop for an oversupplied in 2026 at least for now," said Priyanka Sahdeva, Senior market analyst at Phillip Nova....

Oil prices rose slightly on Thursday after two days of declines. A larger-than expected drawdown in U.S. crude stocks provided an impetus for investors to purchase futures as they monitored developments in Venezuela. Brent crude futures rose 38 cents or 0.6% to $60.34 per barrel at 0104 GMT, while U.S. West Texas Intermediate Crude was up 37 cents or 0.7%, and $56.36 per barrel. Morgan Stanley analysts, for example, estimate that there will be a global surplus of up to 3 million barrels a day in the first half 2026. Mitsuru Muraishi is an analyst with Fujitomi Securities. Pullback buying...

The oil prices rose on the first trading day in 2026, after they had suffered their worst annual decline since 2020 last year. This was due to Ukrainian 'drones' targeting Russian oil installations and a U.S. blockade that impacted Venezuelan exports. Brent crude futures rose 14 cents to $60.99 per barrel on Friday by 1:46 GMT. U.S. West Texas intermediate crude crude was up 14 cents at $57.56 per barrel. Russia and Ukraine traded accusations of attacks on civilians New Year's Day, despite intensive talks overseen?by U.S. president?Donald Trump aimed at ending the nearly four-year old?war. In recent months, Kyiv...

Indian Oil Corp bought its first Colombian crude oil as part of an 'optional supply agreement' with state oil company Ecopetrol. This was done to diversify away from Russian oil. Indian refiners have been searching for crude oil as the tighter sanctions imposed by the U.S. on Russian oil producers and vessels and those of the European Union are causing a disruption in Russian imports. India's Russian oil imports will plunge to a 3-year low of 1.2 million barrels per day in December. This is down from 1.84million bpd during November, according to Kpler, a ship tracking company. Sources said...

Bahrain announced several fiscal measures on Monday. These included raising fuel prices, increasing tariffs on water and electricity, and increasing dividends from government-owned companies, as well as other fees and tax. Bahrain, one of the Gulf's smaller producers of oil, has increased its efforts to diversify away from hydrocarbons and into other areas, such as tourism and financial services. However, lower?oil price have had a negative impact on public finances and growth. Bahrain plans to?raise natural gas prices and reduce administrative government expenditure by 20%. It will also introduce a new corporate income tax law for local companies. The statement...

The price of oil rose on Friday, after the U.S. increased pressure on Venezuelan oil exports and carried out airstrikes in Nigeria's northwest against Islamic State militants at the government's request. Brent crude futures rose 24 cents (0.4%) to $62.48 per barrel by 0114 GMT. U.S. West Texas Intermediate crude (WTI), also up 0.4% at $58.58, was up by 23 cents. Venezuela and Nigeria both produce a lot of oil. Nigeria's oilfields are primarily located in the southern part of the country. The airstrikes increased the geopolitical risk. The White House has directed U.S. forces to concentrate?on an "quarantine", of...